Coffee Holding Co., Inc. reported significant financial improvements for the nine months ended July 31, 2024, compared to the same period in 2023. Net sales increased to $57.3 million, up from $49.4 million, reflecting a robust growth trajectory. For the three months ended July 31, 2024, net sales also rose to $18.8 million from $15.8 million in the prior year. The growth in revenue was primarily driven by the wholesale green coffee segment, which generated $25.5 million in sales for the nine months ended July 31, 2024, compared to $21.1 million in the same period of 2023.

Gross profit for the nine months ended July 31, 2024, reached $11.1 million, a substantial increase from $7.6 million in the previous year. This trend continued in the quarterly results, with gross profit for the three months ending July 31, 2024, at $3.9 million, compared to $2.4 million in 2023. The company reported income from operations of $1.3 million for the nine months ended July 31, 2024, a turnaround from an operating loss of $1.6 million in the same period of 2023. Net income for the nine months was $956,000, a significant recovery from a net loss of $1.0 million in the prior year.

The company’s cash position improved, with cash and cash equivalents increasing to $3.1 million as of July 31, 2024, from $2.4 million a year earlier. Net cash provided by operating activities surged to $5.2 million, compared to $799,000 in the previous year. Additionally, the company reported proceeds from the sale of investments totaling $3.15 million, a notable increase from no proceeds in the same period of 2023.

Total assets decreased to $33.1 million as of July 31, 2024, from $42.2 million as of October 31, 2023, while total liabilities also fell to $8.4 million from $18.5 million. This reduction in liabilities contributed to an increase in total stockholders’ equity, which rose to $24.7 million from $23.7 million.

Strategically, Coffee Holding Co., Inc. terminated its merger agreement with Delta Corp Holdings Limited on June 21, 2024, following a failed shareholder vote. The company continues to maintain a line of credit with Webster Financial Corp., with a current balance of $1.9 million due by June 29, 2025. The company has received a waiver for past defaults and is currently in compliance with its financial covenants.